DeFi Platform Abracadabra Suffers $1.8 Million Cyber Breach

A recent breach on the Abracadabra DeFi lending platform has reignited fears about weaknesses in decentralized finance. This cyberattack resulted in the illicit creation and theft of $1.8 million worth of the platform’s stablecoin, Magic Internet Money (MIM), posing significant concerns for the broader DeFi industry.

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